Värde Sells Controlling Stake in Aliseda to Popular
MADRID – Värde Partners, the $12 billion global investment firm, will sell 51% of Aliseda to Banco Popular, now under the control of Santander, pursuant to a call option structured by Värde and exercised by Banco Popular. The enterprise value of the company implied by the option price is in excess of €600 million. The transaction will likely close in the third quarter. Värde acquired a controlling stake in the business in December 2013 as part of a carve-out of the platform from Banco Popular. Banco Popular was subsequently acquired by Santander on June 7, 2017. Aliseda holds the exclusive contract to manage all of the real estate related non-preforming loans and assets of Banco Popular during its original term of 10 years, with a 5 year tail running to 2028. Assets under management are currently more than €30 billion in terms of gross book value.
Over the past three years, Värde has overseen the build out and growth of the business including the introduction of various operational enhancements, the opening up of new sales channels, and the expansion of the team to over 350 employees. Under Värde’s ownership, total sales of troubled real estate assets executed through the platform exceeded €6 billion in terms of gross book value. Reflective of the company’s strong revenue and cash flow growth during Värde’s ownership, the company was successfully recapitalised in November 2015 with strong support from various financial institutions.
“We are delighted to agree to the sale of Aliseda and proud of what the company has been able to accomplish under our ownership. We believe the company is well positioned to deliver value to Banco Popular and wish the company continued success. This transaction was important to Värde’s expansion in Spain and we continue to be very focused on our investment program in the country through our portfolio companies as well as identifying new investing opportunities,” said Francisco Milone, Senior Managing Director at Värde and current Chairman of Aliseda.
About Värde Partners:
Värde Partners is a $12 billion global alternative investment firm that employs a credit-oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, mortgages, specialty finance, and transportation. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Now in its third decade, Värde employs 250 people with main offices in Minneapolis, London and Singapore and additional offices around the world.